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Gazprom Neft’s NIS Signs Accord on Geothermal Power in Serbia

March 9 (Bloomberg) -- Naftna Industrija Srbije AD, the dominant oil company in Serbia, will work with Hungary’s GMV Energy and EU-Fire Kft. to tap the largely unused geothermal sources in northern Serbia.

Majority-owned by Russia’s OAO Gazprom Neft, NIS signed a cooperation agreement with the government of the northern Vojvodina province and the Hungarian companies to develop a power plant using geothermal energy and to supply local heating plants with hot water from the wells, the Belgrade-based company said in a statement on its website.

The projects “fit into NIS strategy to become an energy company” by adding power generation to its core businesses, the vertically integrated oil and gas company said. GMV Energy and EU-Fire will help with technology and coordinate with the municipalities in Vojvodina, where heating plants may switch to geothermal from burning gas and heavy oil.

Gazprom Neft acquired the rights to 72 of 78 geothermal wells in Vojvodina when it bought a majority stake in NIS from the Serbian government in 2009.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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